Open Banking is part of the Consumer Data Right regime which the Federal Government has introduced to allow all customers, both individuals and businesses to access and securely share their individual customer, account and transaction data information held by their banking institutions with Australian Competition and Consumer Commission (ACCC) accredited banking institutions.
Open Banking will give you greater control and access to your account information held at Australian Unity Bank. This means that you can now direct Australian Unity to share your banking information (known as “consumer data”) with ACCC authorised recipients securely online.
If you’re reviewing your existing banking arrangement or looking to switch some or all of your banking to another bank, Open Banking is intended to make this easier. Rather than having to collate banking histories, statements, and complete detailed transaction information you can now authorise your existing bank to share your information with another bank who you have specifically approached and authorised to offer you banking services.
For information on who is accredited by the ACCC to receive data through open banking, see the Australian Competition and Consumer Commission website.
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Open Banking is an opt-in process, and can be started from the website or app of an accredited Open Banking data recipient. Select your financial institution and commence authorisation of sharing of your selected data with the data recipient.
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You will be then directed to your financial institution's data sharing authorisation service and will be requested to enter your Australian Unity customer identification number.
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A one-time password will be sent to your SMS security registered phone number. You’ll never be asked to enter your Australian Unity Internet Banking password to share your data.
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Enter this one-time password and follow the prompts to confirm what data you’d like to share.
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Your selected data will be securely shared with the selected accredited Open Banking data recipient using a secure connection.
Information about our savings, transactions, term deposits, credit card, home and personal loan products including features, eligibility, rates and fees are available via our dedicated product API portal.
You can access Australian Unity’s product data via the links below using the necessary parameters:
If you’d like to discuss your current banking arrangement with Australian Unity, please contact us on 1300 790 740, Monday-Friday 8.30am-5.30pm AEST.
Our Consumer Data Right Policy describes what data will be available for you to share, how to share your Australian Unity Bank data, what your rights are and how to make a complaint.
Beyond having greater control of your banking data, Open Banking may change the way in which you compare and select services between organisations to better suit your situation.
Monday to Friday - 8.30am to 5.30pm AEST
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All loans and deposit products are issued by Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994
©Products and Services are issued by Australian Unity Limited ABN 23 087 648 888 and its subsidiaries Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994. Information provided is general information only and current at the time of publication and does not take into account your objectives, financial situation or needs. In deciding whether to acquire, hold or dispose of the products or service you should obtain a copy of the relevant Product Disclosure Statement (PDS) and Financial Services Guides and consider whether the products are appropriate for you. Copies are available at www.australianunity.com.au or by calling 13 29 39. Investment decisions should not be made upon the basis of past performance as this is not a reliable indication of future performance.
Any tax information provided here and in any disclosure documents is general in nature and is only intended to provide a guide on how tax may affect investors. Tax laws may change in the future and may affect an investor’s tax position. Investors should seek independent tax advice relevant to their particular circumstances.